The Use of Trading Strategies by Fund Managers: Some First Survey Evidence

Bibliographic Details
Authors and Corporations: Menkhoff, Lukas, Schmidt, Ulrich
Title: The Use of Trading Strategies by Fund Managers: Some First Survey Evidence
published:
Hannover: Universität Hannover, Wirtschaftswissenschaftliche Fakultät, 2005
Summary:Our questionnaire survey finds that most fund managers rely on the strategies of buy-&-hold, momentum and contrarian trading. These strategies are typically applied mutually. Their use is rooted in the attributes and beliefs of the respective fund managers: buy-&-hold traders behave fundamentally oriented, risk averse and less (over)confident than others. Momentum traders appear as the least risk averse professionals going aggressively with the trend. Contrarian traders, however, show signs of overconfidence and peculiar risk aversion, both indicating difficulties in successful strategy implementation. The revealed behavioural patterns are not easily reconciled with efficient markets.
Type of Resource:E-Article
Source:EconStor (German National Library of Economics, ZBW)
BASE - Bielefeld Academic Search Engine
Language: English